Economy
Tinubu Working To Eliminate Multiple Taxation In Aviation Sector, Says Keyamo
Tinubu Working To Eliminate Multiple Taxation In Aviation Sector, Says Keyamo
Tinubu working to eliminate multiple taxation in aviation sector, says Keyamo. Festus Keyamo, the minister of aviation and aerospace development, says the federal government is working to eliminate multiple taxation in the aviation sector. Speaking on Arise News Night on Tuesday, Keyamo said a committee is working on the process.
The minister noted that President Bola Tinubu is “big on addressing the issue”, saying a solution would be implemented soon. Keyamo said the problem existed before the current administration, adding that while he is working to address issues in the aviation sector, tax-related matters are referred to the minister of finance.
In addition to multiple taxation, the lack of capacity of private operators is another factor affecting prices, he said. “The lack of capacity was also leading to shortage of aircrafts,” Keyamo said.
“Not only shortage of aircraft, even if they have access to aircraft, you have old aircraft coming to the country. I’m sure you see many Nigerians complain about the type of aircraft that they enter into the country.
“Let me explain that to Nigerians: the reason that was happening is that the world lacked confidence in the Nigerian judicial system and the aviation system. They felt that if they brought their equipment here, their equipment were not safe enough.
“In the past, Nigerians were used to taking these aircraft, bringing them to Nigeria, and then it was difficult for these leasers to take their aircraft back. All the aircraft you see flying in Nigeria, perhaps only two percent are fully owned, [while] 98 percent of them are leased.
“We have repeated this 100 times on this show, that the biggest airlines in the world do not own aircraft. It’s difficult; they lease their aircraft, so Nigeria is not an exception.
“But for you to now have access to the best aircraft in the world, like for example, the new ones they’re just bringing out, or the ones are not too old, these are seen as very expensive. They will take it to a place, a jurisdiction, where they have confidence that if there’s a default, they can easily get their aircraft out.
“If they don’t have too much confidence in your system, you will see these old aircraft. So we’re not in the top tier in terms of access to such.
“We are now number one in Africa. Before, we were 49 point, because these leasers and financiers follow what they call the rating of countries. You are rated by the Aviation Working Group in terms of your credibility and access, ease of doing business in your country by foreign investors [and] financiers.”
‘NIGERIA NOW BEST IN AFRICA FOR AIRCRAFT LEASE’
Keyamo said Nigeria has become the best country in Africa for aircraft leasing, acknowleding the efforts of the administration in improving the country’s aviation ecosystem.
“Before we came to office, before President Bola came to office, we were 49.5 percent officially,” he said.
“When we came to office and we attacked these problems by the practice direction of the Cape Town Convention that we signed, and of course on the Irrevocable De-registration and Export Request Authorization, they call it IDERA, we moved up to 75.5 percent, which is officially the highest in Africa.
Festus Keyamo
“In fact, our jurisdiction is the best in Africa now in terms of aircraft leasing and all of that. We would have started seeing the results as in yesterday, but all over the world, there’s a shortage of aircraft because the manufacturers have too much orders on the line.”
The minister said the emergence of Comac, China’s equivalent of Boeing and Airbus, will shake up the industry, noting that significant changes in aircraft availability are expected soon.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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